Green Forum • 16 October, 2024 at 8:18 PM
Actis-backed Rezolv Energy has secured up to €90 million in debt financing from the IFC - International Finance Corporation and Raiffeisen Bank International AG to support the construction of the ‘St. George's Solar Park in north-eastern Bulgaria. This is a second landmark financing signed by Rezolv within a very short timeframe, and our first transaction in Bulgaria.
Construction work is due to start very shortly, with the plant scheduled to come onstream next year. With an average annual power generation of more than 310GWh, St. George will be one of the largest solar projects in Bulgaria once it is operational.
Three companies will build St. George: Solarpro Holding, a Bulgarian company, and CMC Europe will together act as the engineering, procurement, and construction (EPC) partners. The high-voltage work will be delivered by Green Solar Energy, another Bulgarian company.
In approving the loans, the banks acknowledged Rezolv's commitment to sustainability, which has been built on industry best practices and aligns with international standards, including the Equator Principles and IFC's Performance Standards on Environmental and Social Sustainability.
Quote from Alastair Hammond, Rezolv's CEO: “From the very start, we were all excited by the opportunity that St. George presented to take a decommissioned airfield, which has not been put to any positive use for many years, and convert it into a project to improve air quality and help Bulgaria meet its climate targets. Securing this IFC and Raiffeisen Bank International support is a big step towards turning that dream into a reality.”
Quote from Korpanec, Jaroslava, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis: “Rezolv is showing real impetus and this latest development is yet another example of how the business is kicking into gear to accelerate the energy transition and deliver clean energy in South Eastern Europe. It's great that lenders understand the exciting opportunity the energy transition offers and are backing Rezolv's projects.”